The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

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COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ALEXANDRIA REAL ESTATE EQ IN COM 015271109 205,134 1,073,608 SH   SOLE   786,654 0 286,954
AMEREN CORP COM 023608102 589 7,270 SH   SOLE   7,270 0 0
AMERICAN CAMPUS CMNTYS INC COM 024835100 152,137 3,140,092 SH   SOLE   2,371,475 0 768,617
AMERICAN TOWER CORP NEW COM 03027X100 270,764 1,020,172 SH   SOLE   763,960 0 256,212
BRANDYWINE RLTY TR SH BEN INT NEW 105368203 3,164 235,767 SH   SOLE   138,326 0 97,441
CAMDEN PPTY TR SH BEN INT 133131102 217,468 1,474,660 SH   SOLE   1,118,117 0 356,543
CUBESMART COM 229663109 321,064 6,626,708 SH   SOLE   4,972,687 0 1,654,021
CYRUSONE INC COM 23283R100 98,176 1,268,265 SH   SOLE   951,461 0 316,804
EQUINIX INC COM 29444U700 446,137 564,638 SH   SOLE   423,030 0 141,608
EQUITY LIFESTYLE PPTYS INC COM 29472R108 265,550 3,400,126 SH   SOLE   2,574,918 0 825,208
EQUITY RESIDENTIAL SH BEN INT 29476L107 315,663 3,900,927 SH   SOLE   2,922,743 0 978,184
ESSEX PPTY TR INC COM 297178105 475,380 1,486,770 SH   SOLE   1,116,535 0 370,235
EXELON CORP COM 30161N101 580 11,990 SH   SOLE   11,990 0 0
FEDERAL RLTY INVT TR SH BEN INT NEW 313747206 292,998 2,483,244 SH   SOLE   1,862,999 0 620,245
HEALTHPEAK PROPERTIES INC COM 42250P103 307,464 9,183,517 SH   SOLE   6,900,642 0 2,282,875
HOST HOTELS & RESORTS INC COM 44107P104 104,094 6,374,383 SH   SOLE   4,804,386 0 1,569,997
INVITATION HOMES INC COM 46187W107 755,975 19,722,800 SH   SOLE   14,830,026 0 4,892,774
KILROY RLTY CORP COM 49427F108 405,782 6,128,706 SH   SOLE   4,605,070 0 1,523,636
KIMCO RLTY CORP COM 49446R109 517,729 24,950,785 SH   SOLE   18,757,503 0 6,193,282
NEXTERA ENERGY INC COM 65339F101 379 4,830 SH   SOLE   4,830 0 0
PROLOGIS INC. COM 74340W103 936,325 7,464,922 SH   SOLE   5,545,172 0 1,919,750
PUBLIC STORAGE COM 74460D109 219,732 739,590 SH   SOLE   548,752 0 190,838
RAYONIER INC COM 754907103 118,111 3,310,294 SH   SOLE   2,501,056 0 809,238
REXFORD INDL RLTY INC COM 76169C100 249,372 4,394,224 SH   SOLE   3,322,602 0 1,071,622
SWITCH INC CL A 87105L104 32,086 1,263,742 SH   SOLE   941,977 0 321,765
TERRENO RLTY CORP COM 88146M101 53,268 842,451 SH   SOLE   622,925 0 219,526
UNION PAC CORP COM 907818108 423 2,160 SH   SOLE   2,160 0 0
URBAN EDGE PPTYS COM 91704F104 218,553 11,936,277 SH   SOLE   9,421,191 0 2,515,086
WELLTOWER INC COM 95040Q104 551,861 6,697,347 SH   SOLE   5,021,688 0 1,675,659
XCEL ENERGY INC COM 98389B100 348 5,570 SH   SOLE   5,570 0 0